Have you heard the term “obligate ram ventilator”? Most people aren’t familiar with it, here’s what it refers to certain aquatic animals must literally “move” or they can’t “breathe”. Specifically, they must move forward. Sharks are often known to be obligate ram ventilators—but not all sharks. Great white sharks are the ones who breathe in this way.
Well, the comparison here isn’t to make you think of your business like a predator in the high seas, but to realize if you don’t move “forward”, in a financial sense you can’t “breathe”. If you can’t “breathe”, you can’t grow. If you can’t grow, your business will no longer be profitable, and will eventually implode.
Now, this is the case for any business, and especially those operations that are medical in nature. Equipment, legal fees, location, rent, education, and more define your business. If you’re going to be successful, you need requisite resources to that end, and that means optimizing everything to a “razor-sharp” level of “success”. At least, to the best of your ability.
For such an outcome, there are a number of recommendable tactics. In this writing, we’ll cover several to help you most efficiently conduct your healthcare business.
1. Get Yourself Out There: Be Visible
Healthcare is more competitive than many practitioners realize at first. Even if you’re the only option in a given town, you might not be the only option in a region; and if you’ve got a competitor a hundred miles away who does what you do better, patients you could have secured may go there owing to the trust factor.
So be visible in what you do, be qualitative in what you provide, and strive to continue advancing these qualities as it’s feasible in terms of budget and your localized market. Your medical practice will not advertise itself without some strategic effort on your part.
2. Be Sure You’ve Got A Lawyer On Staff
A legal professional is necessary to combat a society that is more litigious today than, perhaps, has ever been known in human history. You will have staff, patients, competitors, and outright opportunists come against your medical practice. Don’t just have a lawyer on retainer. If you can hire one full-time, you should.
3. Work With Networks For Better Staff Recruitment
Human resources are the most valuable tool for success defining your business; so be sure you’ve got them. Poor recruitment represents a wasted investment. Essentially, if you hire somebody and spend all the resources necessary in training them, and they’re a lemming, you lost all that capital, and have to spend it again finding somebody else.
Recruitment is hard, though, even if you know exactly what you’re doing. Accordingly, it becomes imperative to simplify the process wherever and however possible. To that end, working with the best possible medical recruiting in your area makes a lot of sense.
4. Outsource IT For Cutting Edge Management And Compliance
HIPAA is serious and can level fines that will utterly gut your medical practice. If you don’t have proper compliance, you will be impacted. Internal IT staff rely on your budget, so though they share your ultimate fate, they won’t have the same motivation as an MSP operating externally from your business under the penumbra of shared compliance.
5. Specialize In One Niche Before Expanding Into New Territory
Spreading yourself too thin will make it impossible for you to stay afloat. How can a shark swim forward when it keeps jerking to the left and the right after prey it can’t catch? Choose one niche “fish”, chase after that with all your might, and only go after other medical “prey” once you’ve conquered that first advance through deep healthcare waters.
Securing Success For Your Medical Practice
When you’re visible, you’ve got strong people on staff who are skilled and passionate, you recruit through proper agencies, outsource IT, and get good at one thing before expanding, you’ll be better enabled for long-term success. You’ll be situated in a position that encourages the growth necessary to establish yourself profitably even despite unexpected operational issues.
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